Aviva PLC Buys 54,988 Shares of State Street Co. (NYSE:STT)

Aviva PLC grew its stake in State Street Co. (NYSE:STTGet Rating) by 44.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 179,857 shares of the asset manager’s stock after acquiring an additional 54,988 shares during the quarter. Aviva PLC’s holdings in State Street were worth $15,669,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in STT. Norges Bank bought a new stake in State Street in the fourth quarter worth $259,564,000. Victory Capital Management Inc. lifted its holdings in shares of State Street by 438.7% during the first quarter. Victory Capital Management Inc. now owns 935,663 shares of the asset manager’s stock valued at $74,067,000 after purchasing an additional 761,958 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of State Street by 2.7% during the fourth quarter. BlackRock Inc. now owns 27,647,573 shares of the asset manager’s stock valued at $2,571,225,000 after purchasing an additional 736,932 shares in the last quarter. State Street Corp lifted its holdings in shares of State Street by 3.9% during the fourth quarter. State Street Corp now owns 18,572,237 shares of the asset manager’s stock valued at $1,737,731,000 after purchasing an additional 697,276 shares in the last quarter. Finally, Alberta Investment Management Corp lifted its holdings in shares of State Street by 1,798.6% during the fourth quarter. Alberta Investment Management Corp now owns 552,480 shares of the asset manager’s stock valued at $51,381,000 after purchasing an additional 523,380 shares in the last quarter. 89.17% of the stock is owned by institutional investors.

State Street Stock Performance

Shares of STT opened at $72.06 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $68.53 and a two-hundred day simple moving average of $73.09. The stock has a market cap of $26.49 billion, a price-to-earnings ratio of 9.98, a PEG ratio of 1.18 and a beta of 1.60. State Street Co. has a 52 week low of $58.79 and a 52 week high of $104.87.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Monday, October 3rd will be given a dividend of $0.63 per share. The ex-dividend date is Friday, September 30th. This represents a $2.52 annualized dividend and a dividend yield of 3.50%. This is a boost from State Street’s previous quarterly dividend of $0.57. State Street’s dividend payout ratio (DPR) is currently 31.58%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on STT shares. Deutsche Bank Aktiengesellschaft upped their price target on State Street from $67.00 to $74.00 in a report on Friday, August 12th. Citigroup increased their target price on State Street to $74.00 in a report on Friday, July 22nd. Piper Sandler lowered their target price on State Street from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, July 1st. UBS Group lowered their target price on State Street from $101.00 to $91.00 in a report on Monday, July 11th. Finally, Royal Bank of Canada lowered their target price on State Street from $90.00 to $80.00 in a report on Tuesday, June 14th. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $84.81.

State Street Company Profile

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State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

Further Reading

Institutional Ownership by Quarter for State Street (NYSE:STT)

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